FIG Has Raised More Than $3.7 Billion
In Equity Capital In 113 Offerings To Date
ATLANTA, July 30, 2017 — The Bank of Fincastle (OTC PINK: BFTL) has announced the completion of a $14.3 million private placement of common stock.
The Bank issued 7,718,084 shares of stock at $1.85 per share to institutional and accredited investors. Net proceeds from the offering are estimated to be $13.3 million and will be reflected in the Bank’s third quarter financial statements.
The proceeds have restored the Bank’s capital levels to the standards required by federal banking regulations, while providing additional capital to encourage future growth and support general corporate purposes.
“We are pleased with the results of the Bank’s strategic decisions made over the past year, our return to profitability and the response to our capital raise,” said Scott Steele, President and Chief Executive Officer. “The successful offering was a vote of confidence by the investment community showing strong support for our Bank. This new capital will allow the Bank to continue to grow organically and will support the capital needs for our future.”
The FIG team included Greg Gersack, Senior Managing Principal and Co-Head of Investment Banking; John Schramm, Principal; and Lozan Aleksandrov, Senior Vice President and Deputy Head of Capital Markets.
More information is available here.
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